Tax strategies

Hundreds of business leaders who are part of a trio of advocacy groups have signed a letter calling on Congress and President Obama to close corporate tax haven loopholes that cost the U.S. Treasury $100 billion a year.

As talks drag on between President Obama and House Speaker John Boehner, R-Ohio, many business leaders believe there will not be an agreement to avoid the fiscal cliff before the end of the year, according to a new poll by KPMG.

States are creating fiscal risks for themselves by neglecting to control the costs of tax incentives for economic development, according to a new report from the Pew Center on the States.

A recent Gallup survey found eight in 10 Americans consider it extremely or very important that Congress and President Obama agree on a plan to avoid the so-called fiscal cliff — automatic budget cuts and the expiration of Bush-era tax increases set for Jan. 1.

After a Sunday meeting between President Obama and Speaker of the House John Boehner, R-Ohio, their staff members reportedly continued negotiations Monday on how to avoid the fiscal cliff.

Google Inc. avoided about $2 billion in worldwide income taxes in 2011 by shifting $9.8 billion in revenues into a Bermuda shell company, almost double the total from three years before, filings show.

CCH has issued a new tax briefing explaining the Internal Revenue Service’s proposed regulations on the Additional Medicare Tax and Net Investment Income Tax that will take effect in January as a result of the health care reform law.

As Democrats demand tax concessions from Republicans to avert a collision over the federal budget, Senate Democratic leaders are signaling that they may be willing to trade an entitlement spending overhaul to secure a deficit- reduction deal.

Failure by Congress to act on the alternative minimum tax by year’s end will lead to “significant” delays in tax filing and a strain on taxpayers, said Steven Miller, the Internal Revenue Service’s acting commissioner.

President Barack Obama again warned lawmakers that the U.S. economy will suffer unless there’s an agreement on a way to prevent more than $600 billion in automatic spending cuts and tax increases from taking effect.

CPAs in Pennsylvania and New Jersey are pessimistic about economic trends both nationally and statewide, according to a new survey.

The so-called fiscal cliff has politicians in Washington performing the political equivalent of a soap opera as they leave the country in suspense about whether they will manage to resolve a self-inflicted crisis in time to avoid a recession next year.

The Internal Revenue Service has issued proposed regulations on the 0.9 percent Additional Medicare Tax for upper-income taxpayers scheduled to take effect next year as a result of the Affordable Care Act.

House Republicans, rejecting President Barack Obama’s demand for higher tax rates, countered with a $2.2 trillion deficit-cutting plan that would trim Medicare and Social Security and cap tax deductions for top earners.

CFOs in the U.S. remain uncertain about the future of the economy and their own businesses, according to a new survey.

House Minority Leader Nancy Pelosi, D-Calif., said she would try to use a procedure known as a discharge petition to bring a Senate-passed bill for extending the middle-class tax cuts to the floor of the House.

Two former Ernst & Young LLP tax attorneys, Richard Shapiro and Martin Nissenbaum, won reversal of their convictions for developing illegal tax shelters sold by the accounting firm from 1999 to 2001.

Congressional Republicans dug in to fight President Barack Obama’s plan to skirt the fiscal cliff, rejecting his tax-and-spending proposal as the president heads out today to sell it to the American public.

Two lucky winners in Arizona and Missouri will be able to claim the record-shattering $580 million Powerball jackpot after Wednesday night’s drawing, but they will also face taxes and need financial advice.

President Barack Obama urged middle-class families who are in danger of seeing their taxes go up next year to begin using Twitter and other forms of communication to urge lawmakers to extend tax cuts for the middle class.